I only recently heard you need to register for an ABN when you have an Only Fans account which I did not know when I created my account or when I closed it in June. I only did OnlyFans for about 11 months and earned under 2,500 from it. What do I need to do now regarding paying taxes since I no longer have an account?
Hi @Lucy02,
That's correct, you're considered to be running a business when earning income through OnlyFans and need an ABN. I'd recommend going ahead and registering for an ABN now. The ABR website has a section on registering an ABN that should run you through it. When doing so, you should be able to set the start date as the date you started earning the income. Wait until you receive the ABN, then if you won't need it anymore, you can then request the ABN to be cancelled from the date you stopped using OnlyFans. This ensures you'll have a valid ABN for the period you would've been running a business.
You then need to report the income in your tax return. Having an ABN active throughout the year will allow you to fill out the business income section. You can include the OnlyFans income here. We have instructions available online for filling out that part too. If you've already submitted your tax return for the period, you'll need to submit an amendment.
Hi @Lucy02,
That's correct, you're considered to be running a business when earning income through OnlyFans and need an ABN. I'd recommend going ahead and registering for an ABN now. The ABR website has a section on registering an ABN that should run you through it. When doing so, you should be able to set the start date as the date you started earning the income. Wait until you receive the ABN, then if you won't need it anymore, you can then request the ABN to be cancelled from the date you stopped using OnlyFans. This ensures you'll have a valid ABN for the period you would've been running a business.
You then need to report the income in your tax return. Having an ABN active throughout the year will allow you to fill out the business income section. You can include the OnlyFans income here. We have instructions available online for filling out that part too. If you've already submitted your tax return for the period, you'll need to submit an amendment.
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